Crypto Exchange Binance giant on Wednesday that the investment firm based in Abu Dhabi MGX invested $ 2 billion in the company.
The investment marks the first institutional placement in the exchange and is also the first digital investment focused on assets for MGX, according to a press release. The investment was made in Stablecoins, the statement said, although it did not specify which currency was used.
Binance is the largest encryption exchange through the world’s negotiation volume with more than $ 20 billion of daily volume, according to Coinmarkatcap data. The commercial platform has already established a presence in Abu Dhabi, using about 1,000 people in the city, according to the company.
Dubai’s subsidiary of the firm, Binance Fze, obtained a virtual asset services provider (VASP) provider of the Dubai Virtual Assets Regulatory Authority (Vara) last year, which allows the company to offer a wide range of exchange and exchange services in all the United Arab Emirates. The subsidiary of Abu Dhabi of Binance received permission to provide custody services by the ABU Dhabi Financial Services Regulatory Authority.
Richard Teng, now CEO of Binance, previously headed the ABU Dhabi Financial Services Regulatory Authority.
BNB, the native token of the Binance adjacent BNB chain, increased 3% to $ 574 immediately in the news before returning the profits and sliding to $ 550.
Update (March 11, 2025, 15:15 UTC): Add details about Binance regulatory licenses in the price action of the EAU and BNB.
